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As some of you know, I've been metal detecting a site that has turned up lots of good old relics and coins... hardly any modern trash, except for a few beer cans. Well, this most recent find is not only modern, but is also an unusual find in any case. Weird, but welcome!
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Whoa! What are the odds? Is there a stash? A cache? was a bank robbed?Searching the fields of NW Indiana and SW Michigan -
That would be awesome man.I need one too lol.thats why I dont metal detect those thing cost to much.so I hunt arrowheads all I have to worry about is gas and dry shoes.Comment
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These ingots are from companies that are neither affiliated to, nor official dealers for the United States Mint. There never was a United States Mint in Illinois and I can find no record for a company trading as the “The Illinois Mint” so it was probably a short-lived venture and may not even have been based in Illinois.
Companies like this operated in a similar way to the “Franklin Mint” in America today and the “London Mint” in the UK. There are loads of such companies and they produce precious metal ingots, vulgar jewellery, hideous ornaments, diecast models and unofficial “coins” of a so-called collectible or commemorative nature. The Franklin Mint company also inherited a license to complete the “Presidential Dollar continuity program” and the London Mint issues coins that have been “sanctioned” to carry a face value, but that kind of thing is usually as far as the connection to official mints goes.
Ingots like this were popular from the 1930s onwards and were frequently sold in velvet-lined cased sets that had a themed design on the other side… state county insignia, famous buildings and such. Buyers were (still are) encouraged to believe that precious metal ingots and unofficial coins are a way of protecting an investment but the truth is that the selling price is usually way above the bullion value and you usually have to wait some time for it to even catch up with what you paid… if it ever does.
There has been an explosion of these things in recent times and - over here in the UK – this has prompted the Treasury (last week) to send a confidential letter to banks advising them that even when the production of “coins” has been sanctioned by the Royal Mint, banks are not obliged to accept them as legal tender. A so-called “official” £20 commemorative silver coin from the unofficial “London Mint” can’t be spent for £20 and has nothing like £20 of silver bullion in it. Collector value or bullion value only.
The spot price for silver today is a smidgeon over $15 per troy ounce... but it's still a great find.I keep six honest serving-men (they taught me all I knew); Their names are What and Why and When and How and Where and Who.Comment
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This was indeed a short lived company... they put together those 'Vanishing America' collections that were sealed plastic cases with a wheat or Indian cent, buffalo nickel, some slick Barber coinage, etc. I believe the Illinois Mint was bought up by another company that does the same kind of business.
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That is a surprise find. And one that I would like to make someday.
Bruce
In life there are losers and finders. Which one are you?Comment
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